The Emporia weekly news. [volume] (Emporia, Kan.) 1881-1889, 1887-09-08
REPORT FILED.
Ives Failure FOOts Up Over &17. OOO,
OOG-AVaIIabIe Assets. RsO.OOO.


O0G-AVaIabIe Assets, $4,000.
New YORK, Sept. William n.
Cromwell, assignee of Henry S. Ives s.
Co, made his report to the superior
court yesterday afternoon. 1t is vol
luminous document, filled with tables
of figures. The liabilities are SIT $780,
175, nominal assets S25. So. 26S. 81, and
the actual assets 81 ,l22 ,0I6. as. Sc
cured creditors bills payable are 81 ,673,-
5000. The liabilities on stock loaned
amount to 81 ,10I 900; amount due to
unsecured creditors is 50 $50, 1865.
The assignee says that the books of
the firm appear 10 be i'll good form and
regularly kept, and that the report was
made up 10y an expert accountant I'M
acquainted with the aSSignoTs. The
assignors did not prepare and file their
schedules, ami he, therefore, with the
best oDtainable information, prepared
and filed these. The property COM
prises almost entirely the stocks, bonds
and bills receivable of the several cor
porations with which Ives a. Co. were
connected, and in which their invest
ments were made, viz, Cincinnati,
Hamilton 81 Daton; Cincinnati, Wa
bash 81 Michigan; Dayton & Michi-
gan; Terre Haute s. Indianapolis;
~ LAY OOAs Il O1O w LIZ
| 81 Chicago railroads. Owing to this
failure of the assignors and to the
large deposit balances and other in.
| debtedness which they owe these com.
panies Except the c., w. s. NJ. r. R. }.
| the credit of the companies, the as
signee declares, has become greatly i'm
| paired; although the physical condi
ton and the earnings of the properties
were greatly improved under the man
agement of the assignors. Legal com
plications have sprung up and the in
| vestment public has been disturbed by
many injurious TumorS and assertions
These things have so unsettled conf
dence in these properties that the Sc
curities of the assigned estate are rem
| dered almost entirely unmarketable
then the large Indebtedness to these
companies OF the assignors diminishe
the value of the securities. The as
signee adds: All of this large estat
is out of loans to creditors and held b,
them as collateral security, except tn
Hancock & Calumet stock and alb u
81, 600 shares of Dayton, Fort Wayn
q Chicago railroad company s stock AM
a small amount of miscellaneou
notes of small value. These loans ar
being called daily and the securities ar
being offered for sale. The aSSigne
has no means of protecting the estat
against such sales and is dependent OF
his ability to induce creditors to sus
pend sale until confidence in these sc
curities is regained by the establish
ment of the companies or by fndin
other parties with more confidence tina
the present holders to take up and carr
the loans. The assignee says furthe
that the value of these securities ar
largely depressed just now because @
the uncertainty as to where the contrC
of the companies will finally lodge an
whether they will be worked in hal
mony or fall into hands at war wit
! each other. The cause of the diffel
ence in the schedules between the non
inal and actual values arises, he say
, from the above and the general deprC
. citation in the market value of the Secl
ties on the loans are being disposed {
: TO reduce the loans and say
a large interest charge. Il
adds: After the application
such securities to the loans, the cred
| tors hold the securities with which IL
: ! aSsignors were connected, and which
t have described above, and in every il
: stance, with a trifling exception, the
| will exist large balances lin propoTtiG
, to the marketable securities so heldl {
! | the loans against which the aSSignor
i securities will remain, and unsaleab
: at this time. The assignee adds tn
: the large equity In the loans is lab
! to be swept away if the creditors {
: not forbear and cooperate with the a
3 signee in saving the same. 1t
claimed by those who have studied tn
5 document of Mr.. CrOmwell's that Il
{ actual assets including only the firm
: equities in the hypothecated securiti
is only about $40 600. Among Il
1 Hn1,fAro 70 firm a 1HnFf N0ffe
; $3.50. 900. secured by c., H. & ID. stoc
Among the unsecured creditors nam
9 are II 5. Ives, as trustee for the T. HI.
: 1. railway SI00, 000and + iH. Shot tres
: urer of the T., III. s. /. railway, S13
? 573-
Attempted EEHrder and SaEeide.
. , II